Union Bank of India, one of the leading public sector banks of India, has issued 7500 redeemable, unsecured subordinated Basel III compliant Tier II bonds for face value of Rs 10 lakh each eligible for inclusion in Tier-II capital on November 24, 2016.
The bonds to be listed on National Stock Exchange (NSE) and will mature on November 24, 2026. The coupon offered on the bond is 7.74 percent per annum payable annually on November 24 every year till redemption. The bonds are rated ‘AAA/Negative’ by CRISIL.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
